The quantity of traveling by train would change by 28%.
Cross-price elasticity measures how the quantity demanded of a good is affected by changes in the price of another good.
Cross price elasticity = percentage change in the quantity demanded of good A / percentage change in the price of good B.
0.7 = percentage change in the quantity of traveling by train / 40%
Percentage change in the quantity of traveling by train = 40 x 0.7 = 28%
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Answer:
One thing to clear ab initio is that equilibrium quantity and price are achieved when the demand and supply curves intersect at a point. Therefore, at equilibrium, the demand and supply in quantity are equal.
a) If a technological improvement reduces the cost of product, the equilibrium price will reduce and equilibrium quantity will be equal to the quantity demanded and supplied.
b) If there is a reduction in the number of sellers, the equilibrium price will increase and the equilibrium quantity will be equal to the quantity demanded and supplied.
c) If there is a tax levied on the sellers of apps, the equilibrium price will increase and the equilibrium quantity will be equal to the quantity demanded and supplied.
Explanation:
a) The market is in equilibrium when the supply and demand curves intersect, meaning that the quantity demanded and quantity supplied are equal. The price and quantity at which this intersection occurs are called the equilibrium price and equilibrium quantity respectively. In economics, when quantity supplied equals quantity demanded, an equilibrium situation is achieved, and it is represented by this equation: Qs = Qd; where Qs is quantity supplied and Qd is quantity demanded.
b) Equilibrium price reduces when there is a cost reduction and more supplies are pushed to the market to meet demand.
c) When suppliers leave the market, it means that the market price and demand are no longer attractive and beyond their individual influence. This leads to a reduction in quantity supplied overall.
d) Sales tax increases the price of goods and services, and equilibrium will be achieved when there consumers demand the product with increased price and sellers are willing to produce and sell at such a price.
The number of student's ticket sold is 200.
Two equations can be gotten from the question:
a + b = 375 equation 1
7.5a + 4.5b = 2,212.50 equation 2
Where:
a = number of adult ticket sold
b = number of children's ticket sold
In order to determine the value of b, multiply equation 1 by 7.5
7.5a + 7.5b = 2812.50 equation 3
Subtract equation 2 from 3
3b = 600
Divide both sides by 3
b = 600 / 3
b = 200
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Answer:
Participative decision-making
Explanation:
Participative decision-making is the process by which an employee share or participate in decision-making in an organisation. This gives avenue for employees to voice their opinions and contribute their knowledge.
Participative decision-making results in better decisions that carries employee along and increases their buy in to the achievement of organisational goals and objectives.
Employees feel a sense of ownership because they were involved in the decision making process.
Answer:
The loan offered by bank W charges the most, $722.25 + $3,902.20 = $4,632.45.
The loan offered by bank V charges, $822.45 + $3,466 = $4,288.45
Loan W has $336 more in financial charges.
Explanation:
If Kay decides to take the loan form bank V, he will have to pay the initial service charge of $822.45, plus 24 quarterly installments of $1,106.92 each. The total interest charged by the bank will be $3,466
If he decides to take the loan form bank W, he will have to pay the initial service charge of $722.25, plus 36 quarterly installments of $843.82 each. The total interest charged by the bank will be $3,901.20.
